Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Myers Industries, Inc. $MYE

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new position in Myers Industries, Inc. (NYSE: MYE) with 42,172 shares valued at approximately $503,000.
• A significant number of institutional investors have increased their stakes in Myers Industries, indicating strong interest with 90.82% of the company's stock owned by such entities.
• Myers Industries announced a quarterly dividend of $0.135 per share, representing a 3.3% dividend yield despite a high payout ratio of 207.69%.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Myers Industries, Inc. (NYSE:MYE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 42,172 shares of the industrial products company's stock, valued at approximately $503,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Myers Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MYE. GAMMA Investing LLC lifted its stake in shares of Myers Industries by 586.6% during the first quarter. GAMMA Investing LLC now owns 2,609 shares of the industrial products company's stock worth $31,000 after purchasing an additional 2,229 shares in the last quarter. CWM LLC lifted its stake in shares of Myers Industries by 829.7% during the first quarter. CWM LLC now owns 4,695 shares of the industrial products company's stock worth $56,000 after purchasing an additional 4,190 shares in the last quarter. Aquatic Capital Management LLC lifted its stake in shares of Myers Industries by 103.1% during the fourth quarter. Aquatic Capital Management LLC now owns 5,484 shares of the industrial products company's stock worth $61,000 after purchasing an additional 2,784 shares in the last quarter. ProShare Advisors LLC acquired a new position in shares of Myers Industries during the fourth quarter worth about $114,000. Finally, Graham Capital Management L.P. acquired a new position in shares of Myers Industries during the fourth quarter worth about $144,000. Institutional investors and hedge funds own 90.82% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen upgraded Myers Industries from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. KeyCorp raised Myers Industries from a "sector weight" rating to an "overweight" rating and set a $21.00 target price on the stock in a research report on Friday, June 13th.

Myers Industries Stock Up 0.4%

Shares of NYSE MYE opened at $16.19 on Tuesday. Myers Industries, Inc. has a 1 year low of $9.06 and a 1 year high of $16.85. The firm has a market cap of $605.48 million, a price-to-earnings ratio of 62.25 and a beta of 1.15. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.12 and a current ratio of 1.77. The stock's 50-day simple moving average is $15.16 and its 200-day simple moving average is $12.87.

Myers Industries (NYSE:MYE - Get Free Report) last announced its earnings results on Thursday, July 31st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Myers Industries had a return on equity of 13.02% and a net margin of 1.20%. The business had revenue of $209.58 million for the quarter, compared to analysts' expectations of $220.60 million. As a group, equities analysts anticipate that Myers Industries, Inc. will post 0.95 earnings per share for the current fiscal year.

Myers Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 18th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, June 18th. Myers Industries's payout ratio is presently 207.69%.

Myers Industries Company Profile

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.

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